Looking For Follow Through
July 17 Yes, I am looking for follow through, but it may NOT be immediate. IN my last report I showed how GDX had a HUGE Buy On Weakness (B.O.W.) number - That big of a number usually shows the 'sell off' could turn up shortly. It is Not a perfect timing tool, but those HUGE numbers usually indicate a change could happen shortly. Well, Today Gold / Miners did what I was again looking for (See last report), but GDX also had a Large Sell On Strength ( S.O.S.) Number today. I'm thinking that We may dip into OPEX tomorrow, so I'll be watching how that possible dip "looks", and see if we DO get some follow through later that day or Next week.
Lets review some charts... First- I Mentioned that I think some people think that these 2 "PEAKS" are similar & thus a strong sell off was expected. Note the Triangle, POP & DROP.
I want to point out the difference between "Peaks" 1 & 2, which is why I am expecting a run Higher & not a similar sell off. Notice what I am seeing "time-wise on the following chart ....